UPSC: PIB Summary and Analysis Jan 08

The Amendment Act now allows companies to issue shares at a discount to its creditors when its debt is converted into shares in pursuance of any statutory resolution plan such as resolution plan under the Code or debt restructuring scheme.

Section 197 of the Companies Act, 2013 required approval of the company in a general meeting for payment of managerial remuneration in excess of 11 percent of the net profits.

The Amendment Act now requires that where a company has defaulted in payment of dues to any bank or public financial institution or non-convertible debenture holders or any other secured creditor, the prior approval of the bank or public financial institution concerned or the non-convertible debenture holders or other secured creditors, as the case may be, for such payment of managerial remuneration shall be obtained by the company before obtaining the approval in the general meeting.

Section 247 of the Companies Act, 2013 prohibited a registered valuer from undertaking valuation of any assets in which he has a direct or indirect interest or becomes so interested at any time during or after the valuation of assets.

The Amendment Act now prohibits a registered valuer from undertaking valuation of any asset in which he has direct or indirect interest or becomes so interested at any time during three years prior to his appointment as valuer or three years after valuation of assets was conducted by him.

Indian Railways conceives to deploy “Drone” cameras

Indian Railways has decided to deploy “Drone” cameras (UAV/NETRA) for various railway activities especially project monitoring and maintenance of tracks and other railway infrastructure. It has been given directions to Zonal Railways to procure such cameras. This is in-line with Railways’ desire to use technology to enhance safety and efficiency in train operations.

The government has achieved a significant milestone under the BharatNet by completing Phase-1 of the project by connecting over one lakh Gram Panchayats (GP) across the country with high-speed optical fiber network as per the declared deadline of 31 Dec 2017.

BharatNet network built under Phase 1 envisages delivery of high-speed broadband services in over 2.5 lakh villages benefitting more than 200 million rural Indians.